Monzo has revealed that it successfully reversed one customer’s “accidental” £2.5million payment. The clumsy transfer was one of a 1.6 million that has been reversed by the bank’s new “undo payments” feature.
The feature, which was introduced by Monzo in May 2025, has reversed £323million worth of payments sent by accident so far. It allows users to reverse a transaction within 10 to 60 seconds of it being made. Monzo said the function is designed to help people who accidentally send the wrong amount of money or transfer it to the wrong person.
As reported by the Daily Mail, the tool now prevents 6,389 accidental payments every day, equating to almost 45,000 a week. The average cancelled transfer is worth £202.
According to Monzo, it takes customers an average of nine seconds to realise they’ve made a mistake. They are able to reverse the transfer within a 10 to 60 second window of making the payment.
Under the “undo payments” feature, a timer appears on the payment confirmation screen offering people the chance to undo their transfer. The money does not leave the account until the time is elapsed.
Monzo customers can choose how long the time appears for, if at all. They have the choice of no timer, 10 seconds, 15 seconds, 30 seconds or 60 seconds.
Research shows that 1 in 10 people in the UK have sent money to the wrong person by accident. Monzo said: “Making a mistake with a payment can have big consequences; consequences that are often hard to roll back.”
Andy Sacre, head of payments at Monzo said: “We built undo payments to give people a few seconds to catch those ‘oh no’ moments and put things right.”
The Monzo website adds:” It’s now possible to reverse a payment if you made a mistake with the amount you sent, who you sent it to, or the fact that you sent it at all.
“We’ll give you 15 seconds to undo a payment by default but you can set it to 10 seconds, 15 seconds, 30 seconds or 60 seconds.”